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Insurance Industry Solutions

Accounting and Finance Software Solutions for the Insurance Industry. Purpose-built to support CFO efforts around strategic compliance and digital finance.
Strategic Compliance
RegTech experts in IFRS 17, AASB 17 and LDTI
Finance Transformation
Automate and modernize the Finance office for greater efficiency and control
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Cloud Migration
Support the move to a Cloud ERP and General Ledger

Experts in Finance and Accounting Software for the Insurance Industry

Insurance CFOs and their teams continue to make progress on IFRS 17, AASB 17 and LDTI regulatory programs while accelerating needed finance automation, transformation, and cloud initiatives.

As experts in the intersection of insurance, finance, and technology, Aptitude Software offers a portfolio of solutions purpose-built to support insurance CFOs as they approach impending regulatory deadlines and evolve to meet new business needs.

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Stakeholder buy-in
Explain accounting compliance approaches and decision impacts to stakeholders
Reduced manual input
Reduce the need for manual processes to achieve insurance regulatory compliance
Efficient delivery
Regulatory compliance on time and under budget with a foundation for future business value
Automated reporting
Automate the generation of all required disclosure reporting
Reduce manual input
Reduce manual journal entries by up to 95%
Reduce cost
Reduce costs through the decommissioning of legacy systems
Reduce timescales
Reduce reporting timescales by 30-40%
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Cloud migration
Support a cloud ERP or general ledger migration and a 'thin' GL
Go-to-market faster
Launch new products to the market more rapidly than before

Software to help insurers achieve regulatory compliance strategically

The deadlines for IFRS 17, AASB 17, and FASB’s Long Duration Targeted Improvements (LDTI) standards are approaching and as market leaders in regulatory software, Aptitude Software can help insurers deliver compliance and broader business value.

IFRS 17 compliance and finance transformation solution for global insurers

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The Aptitude IFRS 17 Solution is a purpose-built, IP-rich, solution for global insurers requiring compliance and strategic modernization. The solution incorporates all the calculations required to become compliant with the new standard and includes data consolidation and advanced accounting subledger capabilities to drive additional business value. 

  • Compatible with all IFRS 17 approaches including the Building Block Approach (BBA), Premium Allocation Approach (PAA), and Variable Fee Approach (VFA)
  • Out-of-the-box IFRS 17 accelerators to reduce implementation time and cost
  • Proven ability to deliver large-scale, high-volume, multi-GAAP accounting


Fast, flexible, pre-configured IFRS 17 compliance solution

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Aptitude IFRS 17 Comply delivers rapid, cost-effective, efficient compliance with flexible deployment options including SaaS, private cloud, and on-premise deployment models. It is a simplified version of the Aptitude IFRS 17 Solution, designed for insurers that are looking for a faster, more standardized path to IFRS 17 compliance while laying the foundation for future transformation projects.

  • Contains all functionality required to achieve compliance for P&C Insurers, Life Insurers, and Reinsurers.
  • Includes standard IFRS 17 calculations, accounting rules, and disclosures and supports compliance under GMM, VFA, and PAA
  • Can be easily integrated into existing finance and actuarial technology landscapes


LDTI compliance and finance modernization solution for US GAAP reporting insurers

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The Aptitude Accounting Hub addresses LDTI compliance requirements affecting the finance department such as the additional detail required for disclosures and the need for controls and traceability. AAH also simplifies the most complex of finance architectures, creating a ‘single view of finance’ and a launchpad for digital finance.

  • Supports the need to report in accordance with the new GAAP standard (LDTI) which requires significantly more data, disclosures, and analysis.
  • Subledger allows insurers to maintain detailed balances outside of the General Ledger and report off of them
  • Out-of-the-box LDTI accounting templates and disclosure reports reduce implementation time and risk


Lease accounting solution to address IFRS 16 and ASC 842

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The Aptitude Lease Accounting Engine (ALAE) enables compliance with the leasing standards IFRS 16 and ASC 842. While the compliance deadline has passed, some large global insurers are revisiting their implemented lease accounting solution to increase automation, efficiency and provide better data and insights around lease portfolios.

  • Produce accurate journal entries and financial reports that are in compliance with ASC 842 and IFRS 16 requirements
  • Accommodate all lease types and lessee/lessor accounting requirements
  • Support scenario modeling such as lease vs. buy analysis
  • Automate and manage complexities like non-traditional calendars, complex legal entity structures, embedded leases, multi GAAP accounting, and more


Helping insurers with digital finance transformation, automation and migration to the cloud

Regulatory requirements, efficiencies and providing better, more frequent reporting are just some of the reasons Insurance finance teams are pursuing a digital transformation. By tackling decades of under-investment in finance and actuarial systems they are positioning their business to handle new competition, growing consumer awareness, and the effects of the pandemic. Aptitude Software can help Insurance companies modernize, automate, and transform the finance office.

Finance calculation and cost allocation engine

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Aptitude Calculate is a scalable, standalone, multi-purpose finance calculation and cost allocation engine. It empowers finance business users to perform complex and multi-dimensional calculations, conversions, and allocations based on high volumes of transactional and operational data feeds from multiple source systems.​

  • Generate cost allocations for multiple compliance standards and multi-GAAP requirements, ensuring data availability and removing spreadsheet dependencies
  • Disaggregate allocations and ensure transparency in calculation and allocation logic.
  • Fill IFRS 17 calculation gaps not addressed in existing actuarial and source systems


Finance management solution to modernize and simplify the finance department

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The Aptitude Accounting Hub delivers centralized and fully automated finance, accounting, and reporting. AAH is available in multiple deployment models including SaaS, private cloud, or on-premise.

  • Support the migration to a cloud General Ledger and keep the GL ‘thin’ with a double-entry subledger to hold detailed data and maintain source to post traceability
  • Create a single, trusted version of granular finance data that can be used to improve analytics and forecasting
  • Centralize accounting rules and policy application for better control and agility


The Aptitude Accounting Hub, delivered as a managed service by KPMG

KPMG’s Managed Service offers an industry-specific configuration of the Aptitude Accounting Hub, tuned to support an extremely high degree of automation. This gives CFOs and their teams access to a proven, industry-leading accounting software solution delivered by one of the most trusted advisories in the world.

Be Compliant
Strategic compliance with IFRS 17, AASB 17 and LDTI for increased business value
Be Transformative
Automate and modernize the Finance office for greater efficiency and control
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Be Agile
Create an integrated finance IT architecture to support business change

Ready to learn more about our Insurance solutions?

If you would like to learn more about our finance and accounting software solutions designed for Insurers, then why not book a call with one of our experts or schedule a free demo?

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